Biden Announces $5.8 Billion More in Student Debt Relief

The Biden administration announced today it is providing another $5.8 billion in student debt relief for nearly 78,000 public-sector workers under the Public Service Loan Forgiveness Program (PSLF). 

Total relief through PSLF is now $62.5 billion for 871,000 borrowers since October 2021.

The relief is a result of fixes that the administration made to the PSLF program at the urging of NTEU and its members who were previously denied relief they believed they were getting. Prior to these fixes, only about 7,000 borrowers had ever received forgiveness.

President Biden will email an additional 380,000 PSLF borrowers thanking them for their service and notifying them that they are on track to have their debt canceled through PSLF within the next two years.

“The Public Service Loan Forgiveness Program is an important way to bring more Americans into public service and help them get out from under the burden of student loan debt…and public service workers like you never got the relief you are entitled to under the law because of errors and administrative failures. I vowed to fix that, and I’m proud that my administration has delivered on that promise,” notes the email from President Biden.

NTEU has long been a strong voice calling for better management of the program and loan forgiveness for public sector employees who have served for 10 years or more. As part of NTEU’s legislative agenda, the union is calling for permanent reforms to the PSLF and new student loan repayment programs as a recruitment and retention tool for agencies.